State Street Co. (NYSE:STT) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System decreased its position in shares of State Street Co. (NYSE:STT) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 492,045 shares of the asset manager’s stock after selling 9,497 shares during the quarter. California State Teachers Retirement System owned 0.16% of State Street worth $38,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC lifted its holdings in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in State Street in the fourth quarter valued at approximately $35,000. Norwood Financial Corp acquired a new position in shares of State Street during the 1st quarter worth approximately $35,000. Accent Capital Management LLC acquired a new position in shares of State Street during the 4th quarter worth approximately $39,000. Finally, Quarry LP acquired a new position in shares of State Street during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.9 %

State Street stock traded down $0.73 during midday trading on Wednesday, reaching $84.97. 1,332,390 shares of the stock traded hands, compared to its average volume of 2,278,831. The company has a 50-day simple moving average of $76.34 and a two-hundred day simple moving average of $75.04. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.25. The firm has a market cap of $25.60 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the business posted $2.17 EPS. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. Research analysts expect that State Street Co. will post 8.12 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upped their target price on State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, July 17th. Barclays upped their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. upped their target price on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Finally, Citigroup upped their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus target price of $88.96.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.